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Economic
Research
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19 December 2016
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Singapore
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Economic
Update
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Singapore’s non-oil domestic
exports (NODX) grew 11.5% YoY in November, rebounding from a 12.0% plunge the
month before. The pick-up in growth was led by surging pharmaceutical and
semiconductor exports. Going forward, we expect exports to decline 4.2% in
2017F (from 2016E: -4.8%), due to:
i. Rising
inflation, which would likely take a bite out of consumer demand in the US, a major source of final
demand;
ii. Surges in
global borrowing costs are set to crimp capital expenditure;
iii. Currency
turbulence in ASEAN, which would impede regional trade.
Economist: Ng Kee Chou
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Monday, December 19, 2016
November NODX Rebounds, Challenges Ahead
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